Cloud9 have announced a new partnership with Blockchain.com, a cryptocurrency exchange and wallet site. They join the likes of TSM, Fnatic and a handful of other esports orgs who have taken on various cryptocurrency sponsors. The move has, so far, been met with largely negative reactions on social media.
I mean, this is obviously the direction the esports industry has been heading for awhile now. Traditional revenue streams don't justify the expenditures. Doesn't mean I have to like it. https://t.co/P43NaDZLnQ
— Adam Melrose (@melroseadam) February 3, 2022
“Our team takes great pride in working closely with the most noteworthy leaders across industries and the time was ripe to broaden our network to the cryptocurrency world,” Jack Etienne, CEO and co-founder of Cloud9, said in the statement.
Cloud9 are framing the deal around education and creating a “dialogue around financial literacy and cryptocurrency.”
“Blockchain.com’s support will ensure consumers have greater access to, and understanding of, the future of finance through cryptocurrency,” Etienne said.
Cloud9 will not have to change their name in various esports titles to reflect the partnership, as TSM did with their partner, FTX. Still, the org will be giving logo placement to Blockchain.com on all of their “league sanctioned team jerseys and across Cloud9’s digital channels,” according to the statement.
While there are some positive comments, the vast majority of the community response thus far is negative. Many are citing concerns over how the announcement will affect the perception of Cloud9 and their overall brand. Cryptocurrency has developed a poor reputation among some for the high energy costs and, specifically within the esports world, scams led by streamers, content creators and influencers targeted at their young followers.
While the financial details of the deal have not yet been made available, past deals have all shown that crypto partnerships tend to be lucrative. TSM were given $210 million to change their name to TSM FTX.
Blockchain.com is a cryptocurrency platform. They boast $1 trillion transacted and 81 million wallets created since 2011. According to BitDegree, Blockchain.com is reputable and secure with good security features, but low anonymity.
